"If history is a guide, we could expect additional near-term price gains for riskier assets, at least for a few more months," said John O'Callahan of CoStar Group, a commercial real estate information company.

O'Callahan notes that during QE2, in 2010, when the Fed bought long-term U.S. Treasury bonds, “prices of equities and high-yield bonds, including riskier CMBS (commercial mortgage backed securities), gained a respectable 12 percent to 25 percent.”

Analysts at Fitch ratings wrote that QE3 could also have a positive influence on real estate investment trusts (REITs).

"If the plan maintains or causes a decline in long-term U.S. Treasury rates, we would expect a drop in all-in borrowing costs for REITs. Lower long-term rates could also entice investors to allocate to REITs."

“Asset values have rallied since that time and equities and commercial properties (at least in good markets) are already expensive and have less room to increase in value than they did during QE2, and interest rates are already so low,” noted Ryan Severino, senior economist at Reis Inc.

He claims additional steps would have to occur, namely, “If QE3 did spur an increase in equity values, investors and companies would be in a stronger financial position, and this could spur a bit of a wealth effect.” (Read More: QE3 Will Not Help US Consumers or the Jobless: Roach.)

That, he claims, would push more investors to expand their business, which could impact commercial real estate more directly. Companies would hire more people and need more office space. If consumption increased, retail space could benefit as could warehouses that store retail goods.